Second charge mortgage business on the up
New second charge mortgage business was up 32% by value in July as FLA members reported solid results.
Fiona Hoyle, head of consumer credit at the FLA, said: “Our latest figures show the important contribution the credit sector provides to the wider economy.”
But Hoyle warned that both the industry and regulators must strive to maintain current business levels with regulatory change just around the corner.
She said: “The transfer of consumer credit regulation to the Financial Conduct Authority began this week, with the start of applications for Interim Permissions.
“Maintaining capacity in the credit market should be a priority now that the countdown to the new regime has begun.
“A smooth and proportionate transition process will be essential.”